Heloc charged off HSBC

Submitted by kerry on Mon, 03/22/2010 - 10:06
Forums
Credit repair

Hi, I am hoping someone can offer a suggestion. I have a first mortgage with Bank of America that I recently got modified. My husband has a Heloc with HSBC that has been charged off. Our situation has improved but not enough to pay the Heloc loan amount. What can I do? I haven't seen anything from them about a judgement yet. Can they put a lien on the house or worse try to foreclose?

I'm not sure if the fact that one mortgage is in my name and the other in my husbands helps, hurts or doesn't factor in. I would love some suggestions,

Thanks, Kerry

Aaron

Hi Kerry,

You should first pull a copy of your husband's credit report and check who now holds the credit report. After this call the agency and try to settle the outstanding debt amount. Debt settlement lowers the outstanding debt amount by 40-60%. Along with the settlement request the collection agency to agree to a Pay for Delete (PFD) agreement. If the collection agency agrees to a PFD, the account will get reported as "Paid a settled".

Hope this helps.

Regards,

Aaron

Mon, 03/22/2010 - 11:36 Permalink
cinnamngrl

I don't think they have enough money to get a pay for delete.

How much is the Heloc?

Mon, 03/22/2010 - 22:38 Permalink